Each part of this question will be worth 3 points. State whe…
Each part of this question will be worth 3 points. State whether the following questions are “true” or “false.” You must explain your reasoning to receive full credit. Please record your answer by typing the letter that corresponds to the part you are answering. For example, if you are answering part a, type “A) your answer.” A good is considered scarce only if it is rare. Thus, gold is scarce, but bread is not scarce. Positive economics is the evaluation of policies that are good for the economy while normative economics is the evaluation of what the economist thinks the policy should be. If one chooses to go to a baseball game, the opportunity cost of this choice is the sum of the value of all other choices one gave up to go to the game. From a legal point of view, property rights are an example of a formal institution while religion is an example of an informal institution. If a salesman wants a courier he hires to deliver an important package without any damages, he should give the courier a big tip when the courier picks up the package.
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